Standard Chartered Bank Platinum Rewards Credit Card

Ellipse RathCredit CardLeave a Comment

Standard Chartered Bank Platinum Rewards Credit Card

Standard Chartered Bank Platinum Rewards Credit Card allows you to earn unlimited reward points on your bills at fine dining restaurants and you earn points for all your fuel transactions too. Additionally, you would get cash back on Uber rides, annual fee waiver on meeting eligible spend requirements and BookMyShow vouchers and some reward points as welcome bonus.

FinTown Rating:  3/5

Rating by Category:

Category                                              Rating (out of 5)
Annual Fee                                               4
Rewards/Cash back Rate
Initial Bonus 3
APR  2.5

Pros & Cons:

Reasons to Choose
Reasons to avoid
Accelerated rewards on fuel and dining spends  High interest rate
Cash back on Uber rides  No airport lounge access
Annual Fee Reversal  No golf privileges
Welcome Bonus

Rewards/Benefits – SC Platinum Rewards Credit Card:

  • Welcome Bonus:
    • 1,000 Additional reward points on your first transaction with your credit card
    • Get an additional 500 reward points on registering for online banking
    • Get BookMyShow vouchers worth INR 500 on Card Set Up
  • Rewards Programme:
    • Earn 5 reward points for every INR 150 spent on dining and fuel
    • For all other categories,  earn 1 point for every INR 150 spent
  • Cash back on Uber rides: 20% cash back on spending INR 15,000 on your card in the previous month
  • Renewal Fee Reversal: Spend INR 30,000 on your card in an annual year and get the annual fee waived off
  • Good Life Privileges: Exclusive dining, shopping and travel offers

Is the rewards rate good?

For every INR 150 spent on fuel and fine dining, you would earn 5 reward points.  The points that you earn can be redeemed for products, services, gift etc. For every other spend, you would earn 1 reward point for every INR 150 spent.

Some of the popular vouchers that you can purchase are as follows:

  • Flipkart e-voucher worth INR 2000 for 7,550 points (1 reward point = INR 0.26)
  • Westside Gift voucher worth INR 1,000 for 4,000 reward points (1 reward point = INR 0.25)
  • Pizza Hut voucher worth INR 250 for 1,100 reward points (1 reward point = INR 0.22)
  • BookMyShowvoucher worth INR 150 for 550 points (1 Reward point = INR 0.27)

How to Redeem Rewards?

To redeem your Platinum Rewards Credit Card reward points, you will have to log in to your account and choose products or services of your choice. For redeeming rewards, visit this page.

Is this Card for you?

This card is for you if:

  • High interest rates do not bother you.
  • You want to save money on fuel and fine dining
  • You can spend INR 15,000 on your card every month so that you are eligible for Cash back on Uber rides

Payments & Fees – SC Platinum Rewards Credit Card:

Annual Fee INR 250
Foreign Transaction mark-up fee  3.5% of the transaction amount.
Cash Withdrawal Fee 3% of cash withdrawal amount subject to a minimum of INR 300
Late Payments Fee INR 100 to INR 800 depending upon statement outstanding balanceAdditionally, a late charge of INR 100 will be charged when two consecutive months are missed
Over Limit Fees INR 500 per instance or 2.5% of the Overlimit amount. (Minimum INR 500)
Minimum Payment Due (MPD) on
extended credit usage
The higher of the following:
(a) 5% of statement outstanding
(b) sum total of all instalments billed, interest, fees, other charges, the amount that is over limit and 1% of the principal.
(c)INR 250
Surcharges INR 25 or 2.5% of the transaction (whichever is higher) on Railway transactions. INR 10 or 1% of the transaction (whichever is higher) on Petrol transactions.
Rewards Redemption Fee INR 99

How to get the most out of this card?

To get the most out of this card, spend at least INR 15,000 on your card to get 20% cash back on Uber rides. You can save up to INR 600 a month and INR 7,200 a year using this credit card. Additionally, there is no monthly or yearly cap on the reward points you earn. Additionally, card renewal fee will get waived off on spending INR 30,000 in a calendar year. Since all Standard Chartered Credit Cards charge a high interest rate, it is important that you pay your bills on time.

Terms & Conditions Explained:

  • Late Payment Fee:
    • 100 INR for statement outstanding balance less than or equal to INR 500
    • 350 INR for statement outstanding balance between INR 501 and INR 2,000
    • 500INR  for statement outstanding balance between INR 2,001 and INR 4,000
    • 700  INR for statement outstanding balance between INR 4,001 and INR 20,000
    • 800 INR for statement outstanding balance greater than INR 20,000.

Application Requirements/Eligibility Criteria:

  • Applicant’s age should be between 21 and 65.
  • Applicant should have a stable monthly income.
  • Applicant should belong to credit cards sourcing cities/locations of the Bank
  • All applications are subject to credit and other policy checks of the Bank

Other credit cards with similar/better features:

SBI Elite Credit Card

If earning reward points is your topmost priority and you want premium features, you could check out the SBI Elite Credit Card which offers excellent rewards. Although it comes at a hefty annual fee of INR 4,999, the rewards and benefits it offers are very impressive. This card primarily targets people who spend a lot on flight travel and individuals who require an international credit card.

SBI Elite gives you an e-voucher worth INR 5,000 that can be redeemed for products from popular brands such as Hush Puppies or Bata, Marks & Spencer, Pantaloons etc. You can get milestone benefits up to INR 12,500 on reaching milestone benefits of INR 5-8 lakhs. The SBI Elite Credit Card lets you earn 10 Reward Points on every INR 100 spent on grocery, departmental stores and dining spend. For all other categories, you earn 2 points for the same money. Additionally, you get Club Vistara Membership, Trident Privilege Membership and a low foreign currency markup fee. This credit card also offers Fuel Surcharge Waiver and savings up to INR 6,000 on movies every year.

Standard Chartered Super Value Titanium Credit Card

The Standard Chartered Super Value Titanium Credit Card is a good option if cash back on fuel spends interests you more than earning reward points. This credit card gives you a cash back of INR 200 every month on fuel spends and phone bills, on meeting eligible spend requirements. For utility bill payments, the maximum cash back earned is INR 100 per month.

This credit card will also give you a 20% cash back on Uber rides, which is capped at INR 600 a month. However, you should be able to spend INR 15,000 in the previous month in order to be eligible for this cash back. For premium customers, no annual fee is charged and they get 1 complimentary airport lounge visit a month on spending INR 10,000 on your card in the previous month.

Bottom Line

The SC Platinum Rewards Credit Card offers good rewards and benefits, with regards to its annual fee. However, the interest rate for all SC is quite high. Nevertheless, 20% cash back on Uber rides, welcome bonus and no cap on reward points make this card worth having. To get benefits such as airport lounge access or golf privileges, you will have to look for other credit cards. Furthermore, this credit card becomes an almost free card on meeting eligible spend requirement in a calendar year.

Think this card is for you? APPLY NOW.

FinTown Advantage:  We provide unbiased personal finance advice to help people make the best possible financial decisions. Our reviews and ratings of financial products are determined by customer financial wellbeing and not profiteering. Whether or not we make a penny, we do what is best for the customer. Our research team is made up of economists and market researchers who spend hundreds of hours researching and comparing products with the same mission in mind.

Related Articles:

Leave a Reply

Your e-mail address will not be published.